#Xrp

Trade now bull Run confirmed💕💕💯💯💯😍😍😍❤❤

𝙓𝙍𝙋 𝙋𝙧𝙞𝙘𝙚 𝘼𝙨 𝙂𝙧𝙖𝙮𝙨𝙘𝙖𝙡𝙚 𝙂𝙚𝙩𝙨 𝙂𝙧𝙚𝙚𝙣𝙡𝙞𝙜𝙝𝙩 𝙛𝙤𝙧 𝙀𝙏𝙁 𝙇𝙖𝙪𝙣𝙘𝙝, 𝙄𝙣𝙘𝙡𝙪𝙙𝙞𝙣𝙜 𝙓𝙍𝙋

XRP price has been trading within a tight range since the beginning of the year, because bullish catalysts that have often driven the altcoin’s price have dried up. However, considering that Grayscale has received the green light to convert its Digital Large Cap Fund that contains XRP into a spot ETF, the traders holding the token are bullish that this may drive an upward rally. As of July 2, XRP was trading at $2.17 with a slight 0.7% decline within 24 hours.

As CoinGape reported, digital asset manager Grayscale has received the SEC approval .

Investors will get access to these assets through the Grayscale GDLC Fund, where XRP has an allocation of 4.8%. Despite this being a small allocation, the SEC’s nod in the matter seems to imply that the regulator is no longer deeming the Ripple token to be a security, which is a good thing for the XRP price.

The XRP price has created an inverted head and shoulders pattern, which is usually bullish as it suggests that the downtrend does not have enough strength, and a trend reversal might happen.

The height from the tip of the head’s pattern to the key resistance level of $2.17 indicates that a 14% rally to $2.48 might be on the cards for XRP. Getting to this level could prompt buyers to step back into the market, especially with the launch of XRP ETFs, and this could spark a notable rally to the highly anticipated price of $3.

However, there are several barriers to this rally, with the main one being the 50-day SMA level of $2.23 that the XRP price has been unable to cross for nearly two weeks. At the same time, the 200-day moving average of $2.36 has also been serving as a crucial resistance, and if Ripple price continues to trade below it, the rally above the $2.17 resistance might not be sustainable.